Fitch Ratings has upgraded IIFL Finance Limited’s Long-Term Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’ with a Stable Outlook. The rating agency also upgraded the Senior Secured Debt and Global Medium-Note Programme to ‘BB-’ from ‘B+’ and withdrew the Recovery Rating on Senior Secured Debt. These upgrades reflect the company’s improved financial standing.
Fitch Ratings Elevates IIFL Finance’s Credit Profile
IIFL Finance Limited has received a significant boost to its credit profile with Fitch Ratings (“Fitch”) upgrading its Long-Term Issuer Default Rating (IDR) to ‘BB-’ from the previous rating of ‘B+’. The outlook for the IDR has been assigned as Stable, indicating a positive future projection by the rating agency.
Enhanced Debt Ratings and Withdrawal
In addition to the IDR upgrade, Fitch has also elevated the ratings assigned to IIFL Finance’s Senior Secured Debt and its Global Medium-Note Programme. Both have been upgraded to ‘BB-’ from ‘B+’. Furthermore, Fitch has withdrawn the Recovery Rating previously assigned to the Senior Secured Debt.
The detailed rating update from Fitch Ratings is accessible on their official website.
Source: BSE
